On Monday, August 29th, 2022, Azure Power Global Limited (NYSE: AZRE) disclosed for the first time that it had received a whistleblower complaint back in May of 2022 alleging “potential procedural irregularities” and “misconduct by certain employees,” while also announcing its CEO was stepping down effective immediately after less than two months.
Following this news, Shares of Azure Power Global Limited dropped 44% on Monday August 29th, 2022, causing significant harm to investors.
Why is Azure Stock Dropping?
On Monday, August 29th, 2022, Azure Power admitted in a press release that it had received a whistleblower complaint back in May of 2022 regarding “potential procedural irregularities” and “misconduct by certain employees” at a plant run by its subsidiary. Azure Power further stated that in reviewing the allegations, the company did indeed discover “deviation from safety and quality norms” as well as “evidence of manipulation of project data and information by certain employees.”
Azure Experiencing Multiple Setbacks
In its press release, Azure Power also said Harsh Shah was stepping down as CEO effective immediately, despite having only assumed the role on July 1, 2022.
Azure Power also reiterated it still was unable to file its annual report for the financial year ending March 31, 2022, after having previously announced its delay on August 12, 2022.
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